The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: David Jones who wrote (26436)	1/4/2005 8:44:03 PM
From: Elroy Jetson	Read Replies (1) of 306849

Mortgage loans for illegal immigrants shows how lax our Monetarist over-lending system has become. Normally when you wish to buy a house in another country you need to deal with an international bank. An English bank, like HSBC in Beverly Hills, will give me a mortgage on a home in Australia issued by their Sydney branch, based on my credit and income in America. If you are a legal ex-pat resident in another nation, sometimes local banks will give you a loan based on your income there - but they'll be wanting a larger down-payment. The continued existence of the Monetarist system depends on forcing ever more debt into the system, whether by dodgy mortgage loans or "tax cut" paid for with government bonds. Once it is no longer possible to create additional debt, the economic depression happens. Or if we're very skillful and stupid we can end up like Japan in a perpetual economic coma. .

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